GRESB 2023 results show Australia’s leadership in sustainability at scale

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Wednesday 1 November 2023

Media release

GRESB 2023 results show Australia’s leadership in sustainability at scale

The 2023 GRESB benchmark for sustainable real estate confirms that Australia is developing and delivering the world’s greenest buildings.

Green Building Council of Australia CEO, Davina Rooney said: “GRESB assessed more than $11 trillion in assets this year to confirm that some of the world’s best practice in sustainable real estate is found here in Australia.”

The Property Council of Australia’s Chief Executive Officer, Mike Zorbas said: “This year’s results show Australian property leaders play an international leadership role in building sustainability. It is heartening and necessary that we remain in the front rank of global innovation and performance in creating sustainable cities.”

GRESB assessed AU$11.32 trillion (US$7.2tn) of gross asset value across 169,173 assets, 4,323 of those assets in Oceania. Oceania’s 143 participating entities had a gross asset value of AU$635 billion (US$404 billion).

Oceania – which includes Australia, New Zealand and Pacific nations – was named the fastest growing region, with a 23% year-on-year increase in asset owners, fund managers and real estate development companies participating.

According to Ruben Langbroek, GRESB’s Head of Asia Pacific, increased participation is “not just about numbers”, but also reflects “commitment of the global and regional real asset sector to enhance transparency and sustainability on a broader scale”.

Transparency “allows investors to reward those that are managing risks and delivering positive environmental and social outcomes, and apply pressure to those that are not,” Mr Langbroek adds. “Importantly, sustainability benchmarking allows companies that are starting their green journey to identify and adopt these best practices, leading to enhanced performance, year after year.”

The GRESB Development Benchmark – which assesses management and performance during the design and construction of new assets – increased to 91, up from 88 the previous year. The global average is 83. Asia placed second behind Oceania, with a score of 86.

“The story behind Oceania’s leading score is simple. Green Star, which is used in both Australia and New Zealand, is doing the job it was designed to do. It is elevating expectations and challenging developers to design and deliver more sustainable buildings,” Ms Rooney said.

A massive 93% of Oceania participants have established a net zero policy, followed by 78% in Asia and 77% in Europe.

Oceania posted a slight reduction in its regional score for the GRESB Standing Investments Benchmark, which assesses existing assets. This score of 79 in 2023 is lower than the 82 posted in 2022, but above the global average of 75.

“When we look at this result in the context of the 23% increase in participation rate in our region, this is not a surprise. We know measurement is the first step to better management. Transparent reporting uncovers opportunities to uplift performance. Investment into upgrades will follow, and this will, with time, be reflected in GRESB results,” Ms Rooney said.

“We know sustainability must be embedded into every part of the property and construction industry. Australia’s leaders have played their role setting high sustainability standards and the rest of the market is now moving at speed. This is how we get sustainability at scale,” Ms Rooney concluded. 

GRESB Global Sector Leaders – Oceania

Standing Investments Benchmark

Retail Australian
Prime Property Fund Retail
Lendlease
Retail Lendlease Global
Commercial Real Estate Investment Trust
Lendlease
Global Commercial Trust Management Pty Ltd
Office Brisbane
Square Wholesale Fund (BSWF)
Charter Hall
Healthcare Vital
Healthcare Property Trust
Vital
Healthcare Properties Management Limited

GRESB Global
Sector Leaders – Oceania

Development Benchmark

Office Charter Hall Prime Office Fund (CPOF) Charter Hall
Office GPT Wholesale Office Fund The GPT Group
Diversified – Office/Industrial ISPT Core Fund ISPT
Residential Scape Australia JV1 Scape Australia Management
Residential Scape Australia JV2

 

Scape Australia Management
Retail Scentre Group

 

Scentre Group
Industrial The GPT Group

 

The GPT Group
Healthcare Vital Healthcare Property Trust Vital Healthcare Properties Management
Limited
Healthcare Dexus Healthcare Property Fund

 

Dexus

GRESB Regional
Sector Leaders

Standing Investments Benchmark

Diversified – Office/Industrial Australian Core Enhanced Fund (ACE) EG
Retail Australian Prime Property Fund Retail Lendlease
Office Brisbane Square Wholesale Fund (BSWF) Charter Hall
Diversified – Office/Retail Cbus Property Cbus Property
Diversified – Office/Retail Dexus Wholesale Property Fund Dexus
Industrial Frasers Property Industrial Australia Pty Limited Frasers Property Industrial Australia Pty Limited
Diversified – Office/Industrial Goodman Australia Partnership (GAP) Goodman Group
Diversified – Office/Industrial Growthpoint Properties Australia Growthpoint
Diversified – Office/Retail ISPT Core Fund ISPT
Residential Keyton Trust (formerly Lendlease Retirement
Living Trust)
Lendlease
Retail Charter Hall Retail REIT (CQR)

 

Charter Hall

 

GRESB Regional
Sector Leaders

Development Benchmark

Office Charter Hall Prime Office Fund (CPOF) Charter Hall
Industrial Dexus Wholesale Property Fund Dexus
Office GPT Wholesale Office Fund The GPT Group
Residential Scape Australia JV1

 

Scape Australia Management
Residential Scape Australia JV2

 

Scape Australia Management
Industrial The GPT Group

 

The GPT Group

ENDS

Contact information: Megan Towill Senior Manager – Communications and Media Green Building Council of Australia 0433 885 719 | [email protected] | www.gbca.org.au

Rhys Prka Media and Communications Manager Property Council of Australia 0425 113 273 | [email protected] | www.propertycouncil.com.au